Cadbury rejects Kraft takeover offer

In its defence document against Kraft offer,Cadbury today said its financial performance in 2009 was 8220;outstanding8221; and well ahead of market expectations,and that it anticipates 8220;excellent momentum8221; going into 2010.

8220;Our performance in 2009 was outstanding. We generated good revenue growth despite the weakest economic conditions in 80 years,8221; Cadbury8217;s CEO Todd Stitzer said in a statement.

The British company noted that its 8220;standalone value8221; has increased further since Kraft8217;s approach in September 2009.

Kraft8217;s original offer was 300 pence and 0.26 Kraft shares for every Cadbury stock. Last week,the US firm said it would raise the cash component of the bid by 60 pence.

Appealing to shareholders,Cadbury8217;s Chairman Roger Carr said,8221;don8217;t let Kraft steal your company with its derisory offer8221;.

He asserted that Kraft8217;s offer is even more unattractive today than it was when the formal offer was made in December.

The statement noted the board was committed to maximizing shareholder value,best achieved through 8220;strong continuing performance of an independent Cadbury8221;.